September’s consumer inflation number came in higher today than expected at 8.2%.  The consensus was that it would come in at 8.1%.  In the past, missing expectations has resulted in significant weakness in the US stock market, and today is no different.  Of note, though, is that the rate of consumer inflation has once again declined.  Inflation peaked in June at 9.1%.  In July, it fell to 8.5%.  In August, it fell to 8.3%.  And today it fell to 8.2%.  Although missing expectations again, the Federal Reserve continues to make progress in its goal.  This is significant to us, and arguably just as important as inflation missing (or even exceeding) expectations by just 0.1%.  In time, we expect that overall market sentiment will take more solace in the fact that the rate of inflation continues to decline.  The United States (and most countries) continue to have serious issues, but missing broad expectations is at times obscuring the fact that the official rate of inflation continues to decline.